104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 HB3436 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED: 15 ILCS 20/50-4025 ILCS 80/5 from Ch. 63, par. 42.93-530 ILCS 105/6z-5130 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 Amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. Provides that the Pension Stabilization Fund is considered a general fund or a State general fund for the purposes of those Acts. Amends the State Finance Act. Provides that certain amounts transferred from the Budget Stabilization Fund to the General Revenue Fund are not required to be repaid into the Budget Stabilization Fund if the amount of accounts payable exceeds $4,000,000,000. Makes changes concerning monthly reports from State agencies to the Comptroller. Amends the Budget Stabilization Act. Provides that, beginning in Fiscal Year 2027, the General Assembly's appropriations and transfers or diversions as required by law from general funds shall not exceed 99% of the estimated general funds revenues for the fiscal year if (i) revenue estimates of the State's general funds revenues for the fiscal year exceed the prior fiscal year's estimated general funds revenues by more than 4% and (ii) projected accounts payable are estimated by the Comptroller to be less than $3,000,000,000 for the fiscal year. Makes other changes concerning transfers from the Budget Stabilization Fund. Effective immediately. LRB104 08420 HLH 18472 b A BILL FOR 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 HB3436 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED: 15 ILCS 20/50-4025 ILCS 80/5 from Ch. 63, par. 42.93-530 ILCS 105/6z-5130 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20 Amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. Provides that the Pension Stabilization Fund is considered a general fund or a State general fund for the purposes of those Acts. Amends the State Finance Act. Provides that certain amounts transferred from the Budget Stabilization Fund to the General Revenue Fund are not required to be repaid into the Budget Stabilization Fund if the amount of accounts payable exceeds $4,000,000,000. Makes changes concerning monthly reports from State agencies to the Comptroller. Amends the Budget Stabilization Act. Provides that, beginning in Fiscal Year 2027, the General Assembly's appropriations and transfers or diversions as required by law from general funds shall not exceed 99% of the estimated general funds revenues for the fiscal year if (i) revenue estimates of the State's general funds revenues for the fiscal year exceed the prior fiscal year's estimated general funds revenues by more than 4% and (ii) projected accounts payable are estimated by the Comptroller to be less than $3,000,000,000 for the fiscal year. Makes other changes concerning transfers from the Budget Stabilization Fund. Effective immediately. LRB104 08420 HLH 18472 b LRB104 08420 HLH 18472 b A BILL FOR
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 HB3436 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED:
15 ILCS 20/50-4025 ILCS 80/5 from Ch. 63, par. 42.93-530 ILCS 105/6z-5130 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20
15 ILCS 20/50-40
25 ILCS 80/5 from Ch. 63, par. 42.93-5
30 ILCS 105/6z-51
30 ILCS 105/9.08
30 ILCS 122/10
30 ILCS 122/15
30 ILCS 122/20
Amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. Provides that the Pension Stabilization Fund is considered a general fund or a State general fund for the purposes of those Acts. Amends the State Finance Act. Provides that certain amounts transferred from the Budget Stabilization Fund to the General Revenue Fund are not required to be repaid into the Budget Stabilization Fund if the amount of accounts payable exceeds $4,000,000,000. Makes changes concerning monthly reports from State agencies to the Comptroller. Amends the Budget Stabilization Act. Provides that, beginning in Fiscal Year 2027, the General Assembly's appropriations and transfers or diversions as required by law from general funds shall not exceed 99% of the estimated general funds revenues for the fiscal year if (i) revenue estimates of the State's general funds revenues for the fiscal year exceed the prior fiscal year's estimated general funds revenues by more than 4% and (ii) projected accounts payable are estimated by the Comptroller to be less than $3,000,000,000 for the fiscal year. Makes other changes concerning transfers from the Budget Stabilization Fund. Effective immediately.
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A BILL FOR
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1 AN ACT concerning finance.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Budget Law of the Civil
5 Administrative Code of Illinois is amended by changing Section
6 50-40 as follows:
7 (15 ILCS 20/50-40)
8 Sec. 50-40. General funds defined. "General funds" or
9 "State general funds" means the General Revenue Fund, the
10 Common School Fund, the General Revenue Common School Special
11 Account Fund, the Education Assistance Fund, the Fund for the
12 Advancement of Education, the Commitment to Human Services
13 Fund, and the Budget Stabilization Fund, and the Pension
14 Stabilization Fund.
15 (Source: P.A. 100-23, eff. 7-6-17.)
16 Section 6. The Balanced Budget Note Act is amended by
17 changing Section 5 as follows:
18 (25 ILCS 80/5) (from Ch. 63, par. 42.93-5)
19 Sec. 5. Supplemental appropriation bill defined. For
20 purposes of this Act, "supplemental appropriation bill" means
21 any appropriation bill that is (a) introduced or amended
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026 HB3436 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED:
15 ILCS 20/50-4025 ILCS 80/5 from Ch. 63, par. 42.93-530 ILCS 105/6z-5130 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20
15 ILCS 20/50-40
25 ILCS 80/5 from Ch. 63, par. 42.93-5
30 ILCS 105/6z-51
30 ILCS 105/9.08
30 ILCS 122/10
30 ILCS 122/15
30 ILCS 122/20
Amends the State Budget Law of the Civil Administrative Code of Illinois and the Balanced Budget Note Act. Provides that the Pension Stabilization Fund is considered a general fund or a State general fund for the purposes of those Acts. Amends the State Finance Act. Provides that certain amounts transferred from the Budget Stabilization Fund to the General Revenue Fund are not required to be repaid into the Budget Stabilization Fund if the amount of accounts payable exceeds $4,000,000,000. Makes changes concerning monthly reports from State agencies to the Comptroller. Amends the Budget Stabilization Act. Provides that, beginning in Fiscal Year 2027, the General Assembly's appropriations and transfers or diversions as required by law from general funds shall not exceed 99% of the estimated general funds revenues for the fiscal year if (i) revenue estimates of the State's general funds revenues for the fiscal year exceed the prior fiscal year's estimated general funds revenues by more than 4% and (ii) projected accounts payable are estimated by the Comptroller to be less than $3,000,000,000 for the fiscal year. Makes other changes concerning transfers from the Budget Stabilization Fund. Effective immediately.
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A BILL FOR
15 ILCS 20/50-40
25 ILCS 80/5 from Ch. 63, par. 42.93-5
30 ILCS 105/6z-51
30 ILCS 105/9.08
30 ILCS 122/10
30 ILCS 122/15
30 ILCS 122/20
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1 (including any changes to legislation by means of the
2 submission of a conference committee report) on or after July
3 1 of a fiscal year and (b) proposes (as introduced or as
4 amended as the case may be) to authorize, increase, decrease,
5 or reallocate any general funds appropriation for that same
6 fiscal year. The general funds consist of the General Revenue
7 Fund, the Common School Fund, the General Revenue Common
8 School Special Account Fund, the Education Assistance Fund,
9 the Fund for the Advancement of Education, the Commitment to
10 Human Services Fund, and the Budget Stabilization Fund, and
11 the Pension Stabilization Fund.
12 (Source: P.A. 100-587, eff. 6-4-18.)
13 Section 10. The State Finance Act is amended by changing
14 Sections 6z-51 and 9.08 as follows:
15 (30 ILCS 105/6z-51)
16 Sec. 6z-51. Budget Stabilization Fund.
17 (a) The Budget Stabilization Fund, a special fund in the
18 State Treasury, shall consist of moneys appropriated or
19 transferred to that Fund, as provided in Section 6z-43 and as
20 otherwise provided by law. All earnings on Budget
21 Stabilization Fund investments shall be deposited into that
22 Fund.
23 (b) The State Comptroller may direct the State Treasurer
24 to transfer moneys from the Budget Stabilization Fund to the
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1 General Revenue Fund in order to meet cash flow deficits
2 resulting from timing variations between disbursements and the
3 receipt of funds within a fiscal year. Except as provided in
4 subsection (b-5), any Any moneys so borrowed in any fiscal
5 year other than Fiscal Year 2011 shall be repaid by June 30 of
6 the fiscal year in which they were borrowed. Any moneys so
7 borrowed in Fiscal Year 2011 shall be repaid no later than July
8 15, 2011.
9 (b-5) For Fiscal Year 2027 and each fiscal year
10 thereafter, any moneys transferred into the Budget
11 Stabilization Fund pursuant to Section 15 of the Budget
12 Stabilization Act may be transferred into the General Revenue
13 Fund in order for the Comptroller to address outstanding
14 vouchers and shall not be subject to repayment into the Budget
15 Stabilization Fund if the amount of accounts payable, as
16 determined by the Comptroller on June 30 of the fiscal year in
17 which the transfer into the General Revenue Fund is made,
18 exceeds $4,000,000,000.
19 (c)(Blank). During Fiscal Year 2017 only, amounts may be
20 expended from the Budget Stabilization Fund only pursuant to
21 specific authorization by appropriation. Any moneys expended
22 pursuant to appropriation shall not be subject to repayment.
23 (d) (Blank). For Fiscal Years 2020 through 2022, any
24 transfers into the Fund pursuant to the Cannabis Regulation
25 and Tax Act may be transferred to the General Revenue Fund in
26 order for the Comptroller to address outstanding vouchers and
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1 shall not be subject to repayment back into the Budget
2 Stabilization Fund.
3 (e) Beginning July 1, 2023, on the first day of each month,
4 or as soon thereafter as practical, the State Comptroller
5 shall direct and the State Treasurer shall transfer $3,750,000
6 from the General Revenue Fund to the Budget Stabilization
7 Fund.
8 (Source: P.A. 101-10, eff. 6-5-19; 102-699, eff. 4-19-22.)
9 (30 ILCS 105/9.08)
10 Sec. 9.08. State agency reports; bills held by the agency.
11 (a) Each State agency shall provide a report to the State
12 Comptroller identifying: (i) current State liabilities held at
13 the agency, by fund source; (ii) whether the liabilities are
14 appropriated; and (iii) an estimate of interest penalties
15 accrued under the State Prompt Payment Act under criteria
16 prescribed by the State Comptroller. The report shall be
17 provided monthly in a time and form prescribed by the State
18 Comptroller in which the State Comptroller may provide a
19 waiver to the monthly reporting requirement if a State agency
20 does not have State liabilities. In the monthly reports under
21 this subsection (a) for January 2026, and in the monthly
22 reports under this subsection (a) for each January thereafter:
23 (1) the Department on Aging, the Department of
24 Healthcare and Family Services, and the Department of
25 Human Services shall include the total number and
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1 aggregate dollar value of the invoices submitted by that
2 agency that may be paid from appropriations in a future
3 fiscal year under Section 25 because appropriations in the
4 current fiscal year are insufficient;
5 (2) the Department of Central Management Services
6 shall include the total number and aggregate dollar value
7 of the invoices that may be paid from appropriations in
8 future fiscal years under Section 25 due to insufficient
9 resources in the Health Insurance Reserve Fund; and
10 (3) the Department of Revenue shall include an
11 estimate of the amount of individual and corporate income
12 tax overpayments that will not be refunded before the
13 close of the current fiscal year because deposits into the
14 Income Tax Refund Fund are insufficient to pay those
15 refunds.
16 (b) As soon as possible after receiving a report from a
17 State agency under subsection (a) of this Section, the State
18 Comptroller shall post on his or her public-facing website the
19 information amount reported by the State agency under
20 subsection (a). The Comptroller shall also include on that
21 website the liabilities reported to the Comptroller as of the
22 close of business on December 31 of the previous calendar
23 year.
24 (c) For purposes of this Section, "State agency" means:
25 all executive branch officers, boards, commissions and
26 agencies created by the Constitution; all officers,
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1 departments, boards, commissions, agencies, institutions,
2 authorities, universities, bodies politic and corporate of the
3 State; and administrative units or corporate outgrowths of the
4 State government which are created by or pursuant to statute,
5 other than units of local government and their officers,
6 school districts and boards of election commissioners; and all
7 administrative units and corporate outgrowths of the above and
8 as may be created by executive order of the Governor. "State
9 agency" does not include any officer, department, board,
10 commission, agency, unit, or authority of the legislative or
11 judicial branch.
12 (Source: P.A. 100-552, eff. 1-1-18.)
13 Section 15. The Budget Stabilization Act is amended by
14 changing Sections 10, 15 and 20 as follows:
15 (30 ILCS 122/10)
16 Sec. 10. Budget limitations.
17 (a) Through Fiscal Year 2026, except Except as provided in
18 subsection (b-5), in addition to Section 50-5 of the State
19 Budget Law of the Civil Administrative Code of Illinois, the
20 General Assembly's appropriations and transfers or diversions
21 as required by law from general funds shall not exceed 99% of
22 the estimated general funds revenues for the fiscal year when
23 revenue estimates of the State's general funds revenues exceed
24 the prior fiscal year's estimated general funds revenues by
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1 more than 4%. Beginning in Fiscal Year 2027, in addition to
2 complying with the requirements of Section 50-5 of the State
3 Budget Law of the Civil Administrative Code of Illinois, the
4 General Assembly's appropriations and transfers or diversions
5 as required by law from general funds shall not exceed 99% of
6 the estimated general funds revenues for the fiscal year if
7 (i) revenue estimates of the State's general funds revenues
8 for the fiscal year exceed the prior fiscal year's estimated
9 general funds revenues by more than 4% and (ii) projected
10 accounts payable are estimated by the Comptroller to be less
11 than $3,000,000,000 for the fiscal year.
12 (b) Through Fiscal Year 2026, except Except as provided in
13 subsection (b-5), the General Assembly's appropriations and
14 transfers or diversions as required by law from general funds
15 shall not exceed 98% of the estimated general funds revenues
16 for the fiscal year when revenue estimates of the State's
17 general funds revenues exceed the prior fiscal year's
18 estimated general funds revenues by more than 4% for 2 or more
19 consecutive fiscal years.
20 (b-5) The limitations on appropriations and transfers or
21 diversions set forth under subsections (a) and (b) do not
22 apply for State fiscal year 2008.
23 (c) For the purpose of this Act, through Fiscal Year 2026,
24 "estimated general funds revenues" include, for each budget
25 year, all taxes, fees, and other revenues expected to be
26 deposited into the State's general funds, including recurring
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1 transfers from other State funds into the general funds.
2 Beginning in Fiscal Year 2027, "estimated general funds
3 revenues" means the estimate from the Governor's Office of
4 Management and Budget under Section 50-5 of the State Budget
5 Law of the Civil Administrative Code of Illinois of all the
6 taxes, fees, and other revenues expected to be deposited into
7 the State's general funds, including recurring transfers from
8 other State funds into the general funds, but excluding any
9 federal revenue sources.
10 Through Fiscal Year 2026, year-over-year Year-over-year
11 comparisons used to determine the percentage growth factor of
12 estimated general funds revenues shall exclude the sum of the
13 following: (i) expected revenues resulting from new taxes or
14 fees or from tax or fee increases during the first year of the
15 change, (ii) expected revenues resulting from one-time
16 receipts or non-recurring transfers in, (iii) expected
17 proceeds resulting from borrowing, and (iv) increases in
18 federal grants that must be completely appropriated based on
19 the terms of the grants.
20 (Source: P.A. 94-839, eff. 6-6-06; 95-707, eff. 1-11-08.)
21 (30 ILCS 122/15)
22 Sec. 15. Transfers to Budget Stabilization Fund. In
23 furtherance of the State's objective for the Budget
24 Stabilization Fund to have resources representing 10% 7.5% of
25 the State's annual general funds revenues:
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1 (a) For each fiscal year when the General Assembly's
2 appropriations and transfers or diversions as required by law
3 from general funds do not exceed 99% of the estimated general
4 funds revenues pursuant to subsection (a) of Section 10, the
5 Comptroller shall transfer from the General Revenue Fund as
6 provided by this Section a total amount equal to 0.5% of the
7 estimated general funds revenues to the Budget Stabilization
8 Fund.
9 (b) Through the Fiscal Year 2026, For each fiscal year
10 when the General Assembly's appropriations and transfers or
11 diversions as required by law from general funds do not exceed
12 98% of the estimated general funds revenues pursuant to
13 subsection (b) of Section 10, the Comptroller shall transfer
14 from the General Revenue Fund as provided by this Section a
15 total amount equal to 1% of the estimated general funds
16 revenues to the Budget Stabilization Fund.
17 (c) The Comptroller shall transfer 1/12 of the total
18 amount to be transferred each fiscal year under this Section
19 into the Budget Stabilization Fund on the first day of each
20 month of that fiscal year or as soon thereafter as possible.
21 The balance of the Budget Stabilization Fund shall not
22 exceed 10% 7.5% of the total of general funds revenues
23 estimated for that fiscal year. Beginning in Fiscal Year 2026,
24 once the balance of the Budget Stabilization Fund is equal to
25 10% of the total general funds revenues of the prior fiscal
26 year, no further transfers shall be made into the Budget
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1 Stabilization Fund in that fiscal year. If any of the reports
2 submitted under Section 9.08 by the Department on Aging, the
3 Department of Central Management Services, the Department of
4 Healthcare and Family Services, the Department of Human
5 Services, or the Department of Revenue indicate that there are
6 invoices that have been submitted by that agency that may be
7 paid from appropriations in future fiscal years because
8 appropriations in the then current fiscal year are
9 insufficient to pay those invoices, then the Comptroller shall
10 order transferred and the Treasurer shall transfer from the
11 General Revenue Fund into the Health Insurance Reserve Fund,
12 the Healthcare Provider Relief Fund, or the Income Tax Refund
13 Fund, as applicable, an amount necessary to reduce those
14 amounts to zero, but not to exceed a monthly aggregate
15 combined total for all funds of 1/12 of the total amount
16 identified for transfer into those funds. except as provided
17 by subsection (d) of this Section.
18 (d) Upon written notice from the Governor to the Clerk of
19 the House of Representatives, the Secretary of the Senate, and
20 the Secretary of State pursuant to Section 1.1 of the Short
21 Term Borrowing Act, the Comptroller may cease the order of any
22 further transfers into the Budget Stabilization Fund and may
23 order the transfer, and the Treasurer shall transfer, from the
24 Budget Stabilization Fund into the General Revenue Fund an
25 amount deemed necessary to maintain the State's accounts
26 payable at an amount less than $3,000,000,000. If the written
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1 notice has been provided, the General Assembly may make
2 transfers or appropriations from the Budget Stabilization Fund
3 for the upcoming fiscal year as necessary to provide for the
4 health, safety, and welfare of the people of the State of
5 Illinois. If the balance of the Budget Stabilization Fund
6 exceeds 7.5% of the total general funds revenues estimated for
7 that fiscal year, the additional transfers are not required
8 unless there are outstanding liabilities under Section 25 of
9 the State Finance Act from prior fiscal years. If there are
10 such outstanding Section 25 liabilities, then the Comptroller
11 shall continue to transfer 1/12 of the total amount identified
12 for transfer to the Budget Stabilization Fund on the first day
13 of each month of that fiscal year or as soon thereafter as
14 possible to be reserved for those Section 25 liabilities.
15 Nothing in this Act prohibits the General Assembly from
16 appropriating additional moneys into the Budget Stabilization
17 Fund.
18 (e) (Blank). On or before August 31 of each fiscal year,
19 the amount determined to be transferred to the Budget
20 Stabilization Fund shall be reconciled to actual general funds
21 revenues for that fiscal year. The final transfer for each
22 fiscal year shall be adjusted so that the total amount
23 transferred under this Section is equal to the percentage
24 specified in subsection (a) or (b) of this Section, as
25 applicable, based on actual general funds revenues calculated
26 consistently with subsection (c) of Section 10 of this Act for
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1 each fiscal year.
2 (f) For the fiscal year beginning July 1, 2006 and for each
3 fiscal year thereafter, the budget proposal to the General
4 Assembly shall identify liabilities incurred in a prior fiscal
5 year under Section 25 of the State Finance Act and the budget
6 proposal shall provide funding as allowable pursuant to
7 subsection (d) of this Section, if applicable.
8 (g) Beginning in Fiscal Year 2027, the Commission on
9 Government Forecasting and Accountability shall provide in a
10 report to the General Assembly, the Governor, and the
11 Comptroller, by January 10 of every year, a review of the first
12 6 months of revenue for the current fiscal year. If the general
13 funds revenues for the first 6 months of the then current
14 fiscal year exceed 4% growth over the first 6 months of the
15 previous fiscal year and the Comptroller has reported accounts
16 payable of less than $3,000,000,000, then, by the end of the
17 fiscal year, the Comptroller shall order the transfer and the
18 Treasurer shall transfer 0.5% of the updated estimated
19 revenues for that fiscal year into the Budget Stabilization
20 Fund and 0.5% of the updated estimated revenues for that
21 fiscal year into the Pension Stabilization Fund.
22 (Source: P.A. 102-1115, eff. 1-9-23.)
23 (30 ILCS 122/20)
24 (Text of Section WITH the changes made by P.A. 98-599,
25 which has been held unconstitutional)
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1 Sec. 20. Pension Stabilization Fund.
2 (a) The Pension Stabilization Fund is hereby created as a
3 special fund in the State treasury. Moneys in the fund shall be
4 used for the sole purpose of making payments to the designated
5 retirement systems as provided in Section 25.
6 (b) For each fiscal year through State fiscal year 2014,
7 when the General Assembly's appropriations and transfers or
8 diversions as required by law from general funds do not exceed
9 99% of the estimated general funds revenues pursuant to
10 subsection (a) of Section 10, the Comptroller shall transfer
11 from the General Revenue Fund as provided by this Section a
12 total amount equal to 0.5% of the estimated general funds
13 revenues to the Pension Stabilization Fund.
14 (c) For each fiscal year through State fiscal year 2014,
15 when the General Assembly's appropriations and transfers or
16 diversions as required by law from general funds do not exceed
17 98% of the estimated general funds revenues pursuant to
18 subsection (b) of Section 10, the Comptroller shall transfer
19 from the General Revenue Fund as provided by this Section a
20 total amount equal to 1.0% of the estimated general funds
21 revenues to the Pension Stabilization Fund.
22 (c-5) In addition to any other amounts required to be
23 transferred under this Section, in State fiscal year 2016 and
24 each fiscal year thereafter through State fiscal year 2045, or
25 when each of the designated retirement systems, as defined in
26 Section 25, has achieved 100% funding, whichever occurs first,
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1 the State Comptroller shall order transferred and the State
2 Treasurer shall transfer from the General Revenue Fund to the
3 Pension Stabilization Fund an amount equal to 10% of (1) the
4 sum of the amounts certified by the designated retirement
5 systems under subsection (a-5) of Section 2-134, subsection
6 (a-10) of Section 14-135.08, subsection (a-10) of Section
7 15-165, and subsection (a-10) of Section 16-158 of this Code
8 for that fiscal year minus (2) the sum of (i) the transfer
9 required under subsection (c-10) of this Section for that
10 fiscal year and (ii) the sum of the required State
11 contributions certified by the retirement systems under
12 subsection (a) of Section 2-134, subsection (a-5) of Section
13 14-135.08, subsection (a-5) of Section 15-165, and subsection
14 (a-5) of Section 16-158 of this Code for that fiscal year. The
15 transferred amount is intended to represent one-tenth of the
16 annual savings to the State resulting from the enactment of
17 this amendatory Act of the 98th General Assembly.
18 (c-10) In State fiscal year 2019, the State Comptroller
19 shall order transferred and the State Treasurer shall transfer
20 $364,000,000 from the General Revenue Fund to the Pension
21 Stabilization Fund. In State fiscal year 2020 and each fiscal
22 year thereafter until terminated under subsection (c-15), the
23 State Comptroller shall order transferred and the State
24 Treasurer shall transfer $1,000,000,000 from the General
25 Revenue Fund to the Pension Stabilization Fund.
26 (c-15) The transfers made beginning in State fiscal year
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1 2020 pursuant to subsection (c-10) of this Section shall
2 terminate at the end of State fiscal year 2045 or when each of
3 the designated retirement systems, as defined in Section 25,
4 has achieved 100% funding, whichever occurs first.
5 (d) The Comptroller shall transfer 1/12 of the total
6 amount to be transferred each fiscal year under this Section
7 into the Pension Stabilization Fund on the first day of each
8 month of that fiscal year or as soon thereafter as possible;
9 except that the final transfer of the fiscal year shall be made
10 as soon as practical after the August 31 following the end of
11 the fiscal year.
12 Until State fiscal year 2015, before the final transfer
13 for a fiscal year is made, the Comptroller shall reconcile the
14 estimated general funds revenues used in calculating the other
15 transfers under this Section for that fiscal year with the
16 actual general funds revenues for that fiscal year. The final
17 transfer for the fiscal year shall be adjusted so that the
18 total amount transferred under this Section for that fiscal
19 year is equal to the percentage specified in subsection (b) or
20 (c) of this Section, whichever is applicable, of the actual
21 general funds revenues for that fiscal year. The actual
22 general funds revenues for the fiscal year shall be calculated
23 in a manner consistent with subsection (c) of Section 10 of
24 this Act.
25 (Source: P.A. 98-599, eff. 6-1-14.)
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1 (Text of Section WITHOUT the changes made by P.A. 98-599,
2 which has been held unconstitutional)
3 Sec. 20. Pension Stabilization Fund.
4 (a) The Pension Stabilization Fund is hereby created as a
5 special fund in the State treasury. Moneys in the fund shall be
6 used for the sole purpose of making payments to the designated
7 retirement systems as provided in Section 25.
8 (b) For each fiscal year when the General Assembly's
9 appropriations and transfers or diversions as required by law
10 from general funds do not exceed 99% of the estimated general
11 funds revenues pursuant to subsection (a) of Section 10, the
12 Comptroller shall transfer from the General Revenue Fund as
13 provided by this Section a total amount equal to 0.5% of the
14 estimated general funds revenues to the Pension Stabilization
15 Fund. Beginning in Fiscal Year 2027, for each fiscal year when
16 the General Assembly's appropriations and transfers or
17 diversions as required by law from general funds do not exceed
18 99% of the estimated general funds revenues pursuant to
19 subsection (a) of Section 10 and the Budget Stabilization Fund
20 is equal to 10% of general funds revenues, the Comptroller
21 shall transfer from the General Revenue Fund as provided by
22 this Section a total amount equal to 1% of the estimated
23 general funds revenues into the Pension Stabilization Fund.
24 (c) Through Fiscal Year 2026, For each fiscal year when
25 the General Assembly's appropriations and transfers or
26 diversions as required by law from general funds do not exceed
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1 98% of the estimated general funds revenues pursuant to
2 subsection (b) of Section 10, the Comptroller shall transfer
3 from the General Revenue Fund as provided by this Section a
4 total amount equal to 1.0% of the estimated general funds
5 revenues to the Pension Stabilization Fund.
6 (d) The Comptroller shall transfer 1/12 of the total
7 amount to be transferred each fiscal year under this Section
8 into the Pension Stabilization Fund on the first day of each
9 month of that fiscal year or as soon thereafter as possible;
10 except that the final transfer of the fiscal year shall be made
11 as soon as practical after the August 31 following the end of
12 the fiscal year.
13 Before the final transfer for a fiscal year is made, the
14 Comptroller shall reconcile the estimated general funds
15 revenues used in calculating the other transfers under this
16 Section for that fiscal year with the actual general funds
17 revenues for that fiscal year. The final transfer for the
18 fiscal year shall be adjusted so that the total amount
19 transferred under this Section for that fiscal year is equal
20 to the percentage specified in subsection (b) or (c) of this
21 Section, whichever is applicable, of the actual general funds
22 revenues for that fiscal year. The actual general funds
23 revenues for the fiscal year shall be calculated in a manner
24 consistent with subsection (c) of Section 10 of this Act.
25 (Source: P.A. 94-839, eff. 6-6-06.)
26 Section 99. Effective date. This Act takes effect upon
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